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in the fiscal cliff debate. tax rates spike and spending slashed. congress is breaking for the holidays in two weeks. it could send the economy spinning in directions. $1.6 trillion in tax hikes. he will travel to pennsylvania to sell it to you. republicans aren't buying it. listen to house speaker, john boehner. >> despite the claims the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> democrats are firing right back at boehner. harry reid getting a little personal. >> i don't understand his brain, so you should ask him. okay? >> ouch. athena jones live from washington. same old same old. where do we go from here? >> that's the big question. the nice talk after the election is pretty much gone away. you mentioned one of the big sticking points, that's taxes. republicans and democrats can't agree on how to raise the tax revenue? end the bush tax cuts for the wealthy, close the loopholes, raise the capital gains taxes or all of the above. right now, they can't agree on how much money should be raised on the revenue side. let's listen to
to be moving on what they need to do to avoid a fiscal cliff and reach an agreement. republicans say no tax rate increases. democrats aren't giving in on entitlement reforms. is this just posturing? or are we in real trouble here? >> reporter: well, this is washington. the whole fiscal cliff is forcing them to do something. but you nailed it on the specifics. it is tax rates. the president has said that tax rates will go up for the wealthy. republicans won't bend on that. yesterday, john boehner said, we are at a stalemate. yes, this is posturing. yes, this is washington. we have four weeks to go. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> reporter: you, too. >>> now, to the star college basketball players accused of abusing their position as big men on campus. they're now facing burglary charges for allegedly stealing thousands of dollars of stuff from their fellow students. and abc's john muller is covering the story. john? >> reporter: good morning, dan. hofstra students say iphones, computers and even cash ha
officials trading insults, playing the blame game here as the clock is winding down on the fiscal cliff. keep in mind time is a-wasting. in 32 days now tax rates soar, spending gets slashed. oh, and don't forget, congress, yeah, they get to take a break for the holidays in 14 days. a recipe for recession. the president is pitching a plan that calls for $1.6 trillion in tax heights and $50 billion in new infrastructure spending. he'll head to a manufacturing plant in pennsylvania to push all this. republicans aren't buying in. listen to house speaker john boehner's reaction. >> despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> didn't take very long for democrats to hit back at speaker boehner. senate majority leader harry reid got up, a little personal. >> i don't understand his brain, so you should ask him. >> i don't understand his brain. let's go to washington this morning. wow, just when we thought they were getting closer seems like they're even farther apart this morning. >> yeah, you know, the nic
. the whole fiscal cliff is forcing them to do something. the president has said that tax rates will go up for the wealthy. republicans won't bend on that yesterday, john boehner said, we are at a stalemate. this is posturing. this is washington. we're going to have ups and downs. >> ups and downs in the stock market, as well. david, thanks. have a great weekend. >> you, too. >>> now, to the star college basketball players accused of abusing their position as big men on campus. they're facing burglary charges for allegedly stealing thousands of dollars of stuff from their fellow students. and abc's john muller is covering the story. john? >> reporter: good morning, dan. hofstra students say iphones, computers and cash has been disappearing from their dormrooms all semester. one used an app to find their iphone. now, four players from the division i basketball team are under arrest. faces, covered in shame. hiding tears as they leave a long island courthouse. another man, pushing and even taking swings at a cameraman as he storms out of court. they are the stunned loved ones of four hofstra
go up. and you know, there are some taxes that would go up if we two off the fiscal cliff. you're talking about a family that makes about $50,000 having a tax increase of $4,000. melissa: congresswoman, this drives me crazy. when we look at all the numbers we immediately start talking about taxes. it seems like we're looking for revenue under every single rock. that's fine. even if we raised taxes that are proposed by the white house, it will raise $82 billion. it is one half of 1% of the problem. we have a $16.3 trillion debt. all of this talk about raising taxes doesn't get us even close to solving the problem. it doesn't even start the conversation. it is not a drop in the bucket. we've got to reform our spending or grow the economy. but just raising taxes isn't going to do it. >> well, i agree with you 100%. that's why the president as well as the democrats have called for a balanced approach. so of course we can't raise enough taxes to completely deal with the deficit. and you do have to do reforms. you need to reform the tax system. you certainly need to make additional c
there will be no deal on the fiscal cliff unless both sides agree to raise rates on the wealthiest. that means raise tax rates for top earners. the reason that this is news is because there's been discussion publicly that perhaps they could find a rev new agreement where it would just involve capping deductions or maybe they could get to revenue just through tax reform, and with this piece of detail from that phone call yesterday, it would seem that the democrats, the president personally, is drawing a line saying those other ways are not enough. his campaign message that the top earners have to pay more, he is sticking to that line many these negotiations. >> jess, do we know how the republicans responded to this red line? >> well, speaker boehner was frustrated, wrovl, and came out with -- in his press conference today basically accusing the president of not leading on the issue. both sides are calling for the white house to come forward with spending cuts first, tell us where you are going to cut spending, before we, the republicans, will say whether we'll go along with you on tax rates. >> okay. the
that so-called fiscal cliff. but on capitol hill, talks there have pretty much hit an impasse at this point. neither republicans nor democrats seem willing to budge on the issue of tax rates for the wealthy. unless the two sides can reach some kind of deal, spending cuts and also tax hikes will collectively take effect starting january 1st. the clock is ticking. >> it is. >>> the united nations has overwhelmingly approved recognition of a palestinian state, a move staunchly opposed by the u.s. and israel. >> but in the west bank and gaza, palestinians, they celebrated on the streets. the historic vote upgrades palestine to nonmember nonvoting observer status only. meanwhile, u.s. ambassador, susan rice, she denounced the resolution. saying, quote, it's counterproductive to the goal of mideast peace. >> and the palestinian people will wake up tomorrow and find that little about their lives has changed, save that the prospects of a durable peace have only receded. >> rice added that the u.s. will continue to stand up against every effort that seeks to undermine israel's security
the disastrous combination of tax rate increases and spending cuts now known as the fiscal cliff. >> president obama is sending tim geithner to the hill today to meet with multiple congress ohhal leaders. i want to bring in senator john barrasso, republican from wyoming. senator, good to see you. good morning. >> thanks for having me. >> let's begin with something that's been reported on by the wall street journal. which is something we heard a couple days ago. the fact that the president now appears to be flexible when it comes to the top 2%. quote, president obama signalled he wouldn'tnsist tax rates on upper income americans rise to clinton era peaks as part of a deficit reduction deal. the white house's flexibility first described by democrat erskine bowles after meetings with mr. obama and others confirmed by administration officials could envision tax rates increase from their current levels but less than clinton era levels. would you agree to a deal, senator? call it in the middle. 37%. >> well, the problem with that is raising those tax rates on those folks really doesn't address the m
year. of course, if the fiscal cliff does come to be and the economy slows or dips back into recession, things will really slow down. what automakers are doing is continuing to push the sales of smaller cars, which is what the public wants, because tgas prics are rising. sales of these types of vehicles do real well in places like california where people drive long distances and where a lot of people are very concerned about the environment and want to drive hybrid or electric vehicles. so even though they haven't been so strong throughout the rest of the country, companies like general motors continue to push ahead with these vehicles. here is their newest introduction, which will be on the market in 2014. only available for sale in california and in oregon initially. this is the chevy spark. it is an all electric vehicle that will get somewhere south of 100 miles on a full charge. what's really cool about this vehicle is you'll be able to charge it up to 80% capacity in just 20 minutes. that is a challenge, though, getting the rest of america outside of places like california to buy
now. the cliff is basically the expiration of the tax rates and the across the board spending cuts of about 9% across defense and all domestic spending. that is the fiscal cliff. we shouldn't be dealing with other issues that are long term in order to avert the cliff as it were. that is immediate crisis. we have long term situation --. bill: but you know when lawmakers get a little bit of rope, you know, when they get time to think about it and push it off to the next year, it never gets done. this budget proposal, there are many who wonder whether or not even democrats could support it. the last budget that came from the white house went to the senate, it went 98-0 against it. no one voted for it. melissa: well, that was kind of a tricky parliamentary issue as well but, i do take issue with one thing, the idea we haven't dealt with entightments. we had two years, a year and a half we debated medicare. we made significant changes in medicare. we just had a campaign which republicans including governor romney time after time after time charged that we had cut $616 billion in spendin
from the fiscal cliff. but i want to play what he had to say on the senate floor earlier today as well. take a listen. >> the only reason democrats are insisting on raising rates is because raising rates on the so-called rich is the holy grail of libberloo. their aim isn't job creation. they're interested in wealth destruction. >> wealth destruction, nancy. back to this wealth distribution thing and their whole narrative of punishing success. what role is mitch mcconnell going to serve in these negotiations at all? >> he'll play a very key role. although you really have to keep in mind the final deal is really going to be struck between president obama and speaker boehner. and those are really the two people to watch. and their staffs right now. of course, mitch mcconnell will play a key role in bringing around senate republicans, excuse me. but it's really between the house republicans and the white house at this point. you know, we have to watch and see what they do. i think there's a lot of public posturing. but i do think that all these people have been at this table before. they'r
. the managing partner of mortgage banking solutions joins me from austin, texas with his fiscal cliff survival tips. thank you for being with us on our series this week. you say we are thinking of buying a home right now we should do it. why? >> interest rates at the lowest, affordability index at the highest, great time to buy, people are buying and we're seeing bottom form because of investors' coming in and picking the property, that has been displaced, get in and buy now, you not see this for decades. cheryl: i will lose mortgage interest deduction, there is talk about loopholes like primary properties, and you can sell it with no taxes paid with the rollover or not and changing that as well. that is negative for housing. >> they are losing that incentive, the tax incentive in the refund each month. when that goes away there's one more incentive to let go of that house when things get tight but here is the upside and this is why i recommend people look at this. the inflation component is going to kick in, they will go back up. it is and appreciation -- cheryl: we are talking about a four y
of the fiscal cliff discussions and sat down for lunch with former rival mitt romney. >> i am sure they will or have already compared experiences on the campaign trail. >> today president obama hits the road to push for his plan to avoid the fiscal cliff. but republicans have slammed him for campaign-style politics that they say just won't get the job done. rob and sunny, back to you. >> can you really imagine that they're not going to reach some sort of deal to avoid the fiscal cliff? i mean that would be so unpopular across the nation. >> you would -- if you can take an action that would solve the problem for 98% of the country and then come back to the debate about the wealthiest 2%, let's get that first chunk done. republicans fear they could lose leverage if they cave in on the middle-class issue. apparently the president, his team has made increased demand here including, a provision now, part of the negotiations where, the congressional control over the debt limit would go away. and congress does not like to have its power take any way. so maybe the white house, upped the an
and looking at the fiscal cliff and talking about raising taxes that will not put a dent in the spending, so what is the answer? >> gretchen: the suggestion i make let's go back to the programs we had five or six years ago. there was a safety net five or six years ago. if you lost your job in 2006, you got some help but not the type of help people have got since then. we go back to that situation and maybe we have a hope much having a labor market go back to the way it was five or six years ago. >> gretchen: professor which politician, republican or democrat is going to be doing what you just said? >> not the ones from my district. >> gretchen: i mean, they are in eight bind are they not? republicans and democrats are in a bind. will be the one to come to the podium and say let's stop those unemployment benefits. >> it is a bind and the europeans worked it out before . they found helping for the unemployed is politically popular and economically damaging and they did it for decade upon decade and continue to do it. and so yeah, i am not optmistic that we will go back to where we were five ye
Search Results 0 to 13 of about 14